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Use Your CIBIL Score to go on a Vacation

By Finserv MARKETS - Feb 23,2019
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CIBIL Score for Personal Loan

All of us dream about taking a relaxing holiday at a quiet beach or a scenic hill station. If you’re in the mood to relax and unwind from the stress of daily life, but your finances are holding you back, don’t worry, we have you covered!

You can leverage your high CIBIL score to avail a personal loan with Finserv MARKETS to fund the vacation that you’ve been dreaming of.

You may already be aware that a good credit score is the number one prerequisite for any type of credit. If you have a good score of about 750 or more, you can use it to your advantage to apply for a personal loan, which can be used to fund your vacation. A personal loan is a type of unsecured credit option that can be used for a number of reasons. If you are planning to go on vacation, you may take a small loan that you could repay over a period of time. Here are some good reasons why you should consider personal loans using your credit score to fund your long-awaited holiday:

Easily Accessible

Personal loans are typically the easiest kind of loan to apply for. The paperwork is minimal, and the process is also quite short and easy to navigate. Most importantly, this type of loans do not require any security or collateral, which is why most individuals prefer to apply for them. The only criteria that lenders will check is your credit score to decide whether you’re eligible or not. With Finserv MARKETS, your loan application should be approved immediately, and the money transferred into your bank account in less than 24 hours.

Personal Loan Cheaper than a Credit Card

Most people who have unplanned expenses usually make impulsive decisions and often use their credit cards to fund such expenses. What they do not realize is that, though credit cards are easily accessible, they can turn out to be quite expensive. The annual percentage rate on an individual’s outstanding credit card balance could be anywhere in the range of 36-40%. On the other hand, personal loans offer much lower interest rates of an average of 12% to 16%.

Budgeting is Easy with a Personal Loan

Since you are using a personal loan to fund your vacation, you become responsible when you handle your credit. You are aware of the exact amount of money that goes out each month for your equated monthly instalments (EMIs). This makes budgeting for your expenses every month incredibly easy.

Lesser Impact on Your CIBIL Score

Applying for a personal loan could slightly affect your credit score, but the dent that a hard inquiry causes can easily be taken care of as long as you are careful with you credit going forward. You can build up your score again by ensuring that you make the EMI payments on time.

Additionally, it’s important to note that a short-term loan will not increase your credit-utilization ratio, which will happen if you use your credit card.

Having looked at all the benefits of using your credit score to apply for a loan, it’s quite obvious that you can enjoy the holiday you’ve been planning right away, instead of waiting for a little while longer. Remember, if you have a good credit score, you can use it to your advantage. Once you apply for the loan, you can start packing your bags and get ready to take off for that amazing adventure you’ve been dreaming about for so long!

With Finserv MARKETS, applying for a Bajaj Finserv Personal Loan is easy, convenient and completely hassle-free. What’s more? You get a financial fitness report with your loan application as well as a customized insurance to protect your liability! So why wait? Head over to our website and make your dream vacation a reality!

“Finserv MARKETS, from the house of Bajaj Finserv is an exclusive online supermarket for all your personal and financial needs. Loans, Insurance, Investment and an exclusive EMI store, all under one roof – anytime, anywhere!”

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Bajaj Finserv Direct Limited ("BFDL"), erstwhile Bajaj Financial Holdings Limited is a registered corporate agent of Bajaj Allianz Life Insurance Company Limited and Bajaj Allianz General Insurance Company Limited under the IRDAI composite registration number CA0551 valid till 10-Apr-2021. BFDL also renders services to Bajaj Finance Limited (‘BFL’) and Bajaj Housing Finance Limited (‘BHFL’) (referred hereinafter as ‘Lending Partner’) in sourcing of customers, providing preliminary credit support activities, fulfilment services and post-acquisition customer services related to lending business. Registered Office: Bajaj Auto Limited Complex, Mumbai – Pune Road, Akurdi, Pune – 411 035 CIN: U65923PN2014PLC150522